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Iran says its response to US 'reasonable, generous'
Iran says its response to US 'reasonable, generous'
Dubai, 11 May (Argus) — Iran's foreign ministry said on Monday that Tehran's response to the latest US proposal to end the war was "reasonable" and "generous," pushing back against US president Donald Trump's characterisation of it as "totally unacceptable." "Is our proposal for safe passage through the strait of Hormuz excessive? Is an important issue like re-establishing security and peace in the region, an irresponsible demand?" foreign ministry spokesman Esmail Baghaei asked, rhetorically. "All we proposed were reasonable and responsible demands, and generous proposals, not only for Iran's national interests, but also for the good, stability and security of the region and the world," he said. Trump overnight labelled the Iranian position as "totally unacceptable," dashing hopes of an imminent conclusion to the conflict. Crude futures rose sharply in early trading today, with the front-month July Ice Brent contract hitting an intraday peak of $105.99/bl before coming off to trade just below $104/bl. Trump last week said a peace deal under discussion with Iran would reopen the strait of Hormuz to navigation and lift the US blockade on Iranian trade. Baghaei today said the US' conditions continue to be "one-sided… and unreasonable". The US has been highlighting the reopening of the strait of Hormuz, and a shuttering of Iran's nuclear capabilities, as its top conditions to bring the war to an end. Washington is looking for Iran to put an end to its nuclear enrichment activities, and to hand over its stocks of around 400kg of highly-enriched uranium. But Iran's priorities to end the war lie elsewhere, which has been complicating the diplomatic track. "At this stage, our focus is on what is urgent," Baghaei said. "And what is urgent is ending the war in all its forms, including Lebanon and ensuring the safety and security of navigation through the [Mideast] Gulf and the strait of Hormuz… which includes stopping the illegal actions of the US against commercial ships." "What decisions we make on the nuclear issue, on Iran's [highly enriched] materials and on issues related to enrichment activities is something we will discuss when the time is right," Baghaei said. By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
LPG World editorial: No longer a gap on the map?
LPG World editorial: No longer a gap on the map?
A wave of investment in the region aims to meet rising domestic demand and could narrow the infrastructure gap London, 6 May (Argus) — Global LPG storage capacity edged up by nearly 1pc to 73.5mn t in the new quarterly storage survey from LPG World. What might seem like a modest gain on the surface masks a more consequential shift — a growing if still uneven wave of infrastructure investment in sub-Saharan Africa, as the region builds capacity to support its clean cooking transition. The latest Global LPG Storage Survey updates Europe and Africa, expands the project dataset and provides more granular data. It captures 1,340 facilities across 123 countries — an increase of 56 from the 2024 iteration — while the list of projects under way nearly doubles to 23, representing close to 1mn t of capacity. Sub-Saharan Africa accounts for much of this expansion in terms of new facilities. Burkina Faso, Eritrea, Gambia, Mayotte and Rwanda appear in the survey for the first time, while additional capacity emerges in Angola, Congo Brazzaville and Kenya. New import-oriented infrastructure dominates these additions, including Sonangol's 71,000t Barra do Dande facility in Angola and Lake Gas' 10,000t Vipingo terminal in Kenya. The survey also captures the 26,500t of storage linked to the floating LNG project offshore Congo Brazzaville, with LPG output there expected to serve domestic demand. The project pipeline reinforces this trend. The list of projects in sub-Saharan Africa expands by 10, reflecting the recent flow of capital for infrastructure projects in the region, much of it backed by international organisations and governments . Most of the projects are modest in scale, the largest being 24,000-30,000t in South Africa, Kenya, Gabon and Tanzania, with start-ups due in the next two years. Nigeria is set to add 33,000t across two developments, Angola has 15,600t under construction and Ghana is expanding its Tema terminal by 12,000t. These projects are small relative to the enormous storage caverns and tanks found in the US and China. But they point to a structural shift — a steady build-out of coastal import terminals designed to meet rising domestic demand. This reflects the reality that LPG adoption in sub-Saharan Africa remains constrained less by supply availability than by the infrastructure required to receive, store and distribute it. And while fragmented, the geographic spread of projects in western, eastern and southern Africa suggests a more regionally embedded approach. China continues to dominate in terms of global capacity additions, with four previously listed projects starting up over the past two years, adding a combined 370,000t. Russia also features prominently, with new terminals at Ust-Luga and Sovetskaya Gavan expected to add 267,000t, although the latter has faced repeated delays owing to funding constraints and the former could be hindered by Ukrainian drone attacks. In the Middle East, AD Ports' planned 82,000t facility at a new Abu Dhabi LPG terminal , due on line in 2029, represents one of the largest additions outside Asia. These projects are primarily export-oriented. The Iran war underlines why storage investment may take on greater strategic importance beyond Africa in the coming years. The conflict has already contributed to drastic export losses and supply shortages in key import markets, most notably India, where LPG is an important household cooking fuel. Such volatility has exposed the limits of India's meagre storage buffer capacity, which is likely to prompt policy makers to place greater emphasis on strategic reserves and expanded storage infrastructure in the future. The war also threatens to destabilise the expected growth in African cooking fuel markets and thwart capital by tearing up the assumed global LPG supply security. The region's recent terminal and storage investments will need to prove their worth by capturing low-cost supplies, alongside the required developments in distribution and inland affordability. This will then determine whether Africa's infrastructure gap can be meaningfully narrowed. Global LPG Storage Survey Total global storage '000t 73,518 Number of countries 123 Number of facilities 1,340 Projects 23 Projects capacity '000t 980 Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
African LPG storage boom signals import growth
African LPG storage boom signals import growth
A slew of projects are expected to boost supply, with further investment likely in the coming years, writes Yasmin Zaman London, 6 May (Argus) — A growing number of LPG storage projects are set to improve supply to sub-Saharan Africa as governments and private developers respond to expected demand growth from clean cooking policy targets. Another 10 storage projects with a combined capacity of about 180,000t are due to start up in 2026-28, according to the latest Global LPG Storage Survey . Angolan state-owned Sonangol is to open a further 15,600t of capacity at its new 200,000 b/d Lobito refinery with three more spherical tanks in 2027 — one is already in operation. The refinery, which will process 54,000 b/d initially, is expected to sell its LPG domestically in its early phase, although it may also export to neighbouring markets once operating at capacity. Angola's domestic demand rose by 4pc to 448,000t in 2026, ArgusConsulting data show. The country is a net exporter, shipping 448,000t last year, vessel-tracking data from Kpler show. Ghana is expanding storage at Tema. State-owned Goil is adding 12,000t at its terminal — due to open in the second half of 2026. This will help Ghana's government meet its goal of lifting LPG market penetration to 50pc by 2030 . Ghana consumed about 317,000t of LPG in 2023, with demand set to exceed 400,000 t/yr by 2030, Argus data show. LPG imports to Tema averaged 27,400 t/month in January-April, broadly flat on the year compared with the 2025 average, Kpler data show. Refinery output is up, despite worries of domestic shortages emerging . Nigeria remains sub-Saharan Africa's largest LPG market and a hub of investment as it targets 5mn t/yr of demand by 2030 . Master Energy's long-delayed Port Harcourt terminal joins the list, adding 18,000t of storage this year. Falcon's new terminal at the same port includes 15,000t of capacity but the firm has not confirmed a start-up date. Nigeria's import capacity has grown significantly over the past five years, with storage capacity of nearly 155,000t at largely mainland coastal facilities. This includes Stockgap Fuels' expanded 30,000t facility at Port Harcourt. Yet Nigeria's imports dipped to 196,000t last year from 370,000t in 2024, largely as a result of more supply emerging from the Dangote refinery . Imports averaged only 13,800 t/month in January-April, Kpler data show. Mombasa hub Kenya is driving growth in east Africa and positioning itself as a regional distribution hub, although consumption of about 7 kg/yr is still small and well shy of the government's target of 15 kg/yr . Taifa Gas' 30,000t terminal at Mombasa is one of the largest projects in the survey and is set to open this year. It will be able to receive VLGCs and involves converting an old 70,000 b/d refinery into an LPG import and storage facility. Arrivals to Kenya stood at about 52,800 t/month in January-April, according to Kpler. Neighbouring Tanzania is similarly looking to become an east African import hub. Trading firm Petredec's Tanga import terminal includes 24,000t of storage capacity and is due to open in 2027. It will be the country's first sizeable import terminal capable of taking VLGCs . Tanzania imported 14,100 t/month in January-April, according to Kpler. Its domestic demand stood at about 275,000t in 2025. South Africa is also continuing to see investment in LPG infrastructure. A new terminal at Durban port will add 30,000t of storage capacity by 2027, becoming the country's largest and helping to tackle supply shortages . Petredec is also involved in adding a 6,500t inland unit as part of an LPG rail hub in Gauteng, linked to its Richards Bay terminal, which is set to start up in the first half of 2028 . The list of existing sub-Saharan African LPG storage facilities in the latest survey grows to 76 from 52 in 2024, when the last survey was carried out, while the combined capacity reaches 773,000t, up from 574,000t. These latest additions and the likelihood of further investment suggest a glimpse of what is to come. Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
AFEI butane hits record vs propane on India demand
AFEI butane hits record vs propane on India demand
AFEI butane strength is expected to persist even after the war, with increased Indian and southeast Asian buying becoming more influential, writes Frances Goh Singapore, 6 May (Argus) — Northeast Asian butane prices increased to a record premium to propane last month as a result of India moving from a marginal participant on the spot market to a key buyer and driver of regional pricing given the loss of supply from the Middle East. Argus Far East Index (AFEI) butane prices, basis cfr Chiba, jumped to a $45/t premium to propane from $16/t following the outbreak of the US and Israel's conflict with Iran, before surging to $105/t by mid-March as escalating hostilities curtailed exports from the region . The effective closure of the strait of Hormuz abruptly severed India's access to Mideast Gulf LPG exports, which had met more than 95pc of the country's supply in 2025. Indian and southeast Asian importers reliant on butane-heavy Middle Eastern cargoes have been forced to turn to the next largest global supplier, the US, to plug the massive shortfall. After an initial phase of panic buying at steep premiums, Indian buyers in April slowed their spot purchases for May and June shipments, anticipating a reopening of the strait and redeploying time-chartered vessels to load from the US. Indian importers IOC and BPCL in mid-April bought at least four evenly split propane-butane cargoes loading from late May to the first half of June in quick succession, at 24-47¢/USG ($125-245/t) premiums to Mont Belvieu hub prices, according to market participants, propelling US Gulf coast fob butane cargo premiums to record levels ( see p4 ). Strong butane demand from India supported higher netbacks for sellers by lifting AFEI prices as northeast Asian buyers competed for the same US supply. The butane AFEI subsequently rose to a $156/t premium to propane on 22 April, the highest on record and above the nine-year high of $124/t seen in February 2017. The premiums to corresponding delivery month paper for butane cargoes delivered in May and June compared with equivalent propane shipments increased to $60-80/t last month as demand for butane remained strong and propane availability grew. Traders made offers for evenly split US cargoes to buyers in north China, Japan and South Korea based on netbacks to India, while also factoring escalating auction fees at the Panama Canal . Driving down demand But rising butane prices have weighed on northeast Asian demand. South Korean crackers that historically transition to butane when it is valued at 90-95pc of naphtha saw offers reach as high as 115-120pc. In China, ample oil product supply capped demand for butane as refineries increased production and fuel exports were halted in March. This reduced the need for butane feedstock among the country's MTBE producers, which was compounded by increasing butane prices, with the Argus Ningbo Index (ANI) for butane firming by 72pc to $1,14.50/t by 5 May. Concerns over a potential MTBE export ban after Beijing stopped oil products exports in March further curbed MTBE demand for butane, while increased refinery output ensured sufficient LPG availability. The strength of AFEI butane is expected to persist even if the strait opens and LPG shipments from the Mideast Gulf pick up, as damage to multiple oil and gas facilities in the region during the war will continue to constrain supplies for an indeterminate period. Indian and southeast Asian buyers are also predicted to keep ramping up purchases from the US under supply diversification plans, fomented by energy security concerns after the war, giving this regional bloc greater pricing influence on the AFEI in the coming years. Butane AFEI, ANI prices Butane-propane AFEI spread Mideast Gulf butane exports Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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